Gambling Payment Gateway Singapore
Driving an online gambling business smoothly in global regions requires an online gambling payment gateway Singapore significantly.
Singapore is the third-largest market for the Gambling industry. The industry size of the gambling sector in Singapore arrived at a value of $ 1.8 billion in 2021, recording 1.5% of the international market size. It is the largest market in Asia-Pacific, recording 4% of the industry size in the nation. The online casinos and gambling industry comprises all sorts of betting and gaming. All reports are displayed in the form of gross gambling revenue (GGR). This is the complete amount earned by customers subtracted from the total amount paid to customers as rewards. But before the payment of any appropriate taxes, distributions to generous or other reasons by online gambling set up for those objectives, or other payments.
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The Singaporean gambling and casino industries accounted for a total gross gambling revenue of $6,575.8m in 2020. And showing a compound annual rate of change (CARC) of -0.4% between 2016 and 2020. The online casino and gambling industry in Singapore is evaluated to be worth $8.6 billion by 2025.
Are Online Gambling Industries Considered High-Risk?
Online gambling industries are strictly considered high-risk by many financial organizations simply due to the complicated nature of the industry. Furthermore, Gambling industries can include online gaming, casino, and betting as well as mobile gambling. This industry is regarded as high risk due to some more reasons such as excessive chargebacks, fraudulent activities, global dealings, and high-risk industry type.
Basically, any online business that processes online payments via credit cards and various payment methods also comes in the high-risk category. Because it can increase the chances of fraud.
What are Online Gambling Payment Gateways?
An online payment gateway is a mechanism that enables merchants to accept online payments from different countries and via different payment methods securely. You can get it by acquiring a gambling merchant account. And which is a specific kind of bank account that allows merchants to receive and process online payments. Basically, a gambling payment gateway is the best solution for credit card processing and eCheck payment processing. And it can also be beneficial for fulfilling multiple payment processing requirements.
To get an online gambling payment gateway, you will need to fill out an application form on a payment service provider’s website. These payment service providers operate with the association of multiple banks to offer merchant accounts to businesses searching to process credit card payments online. There are different sorts of payment processing solutions based on how the bank categorizes the industry of merchants. So, it is significantly essential to acquire an online gambling payment gateway Singapore to process payments at your gambling platforms securely.
Why do you need a gambling payment gateway Singapore?
When it is about the online gambling industry, one of the primary parts of the procedure is the payment service provider. Because it plays a vital role in processing global payments on your online website. This industry processes multiple transactions constantly where online gamers deposit, bet, and withdraw funds.
So, if you are looking for starting an online gambling business or just want to enable global players to play on your online gambling platform. Then preferring a suitable payment service provider should be one of your top business requirements.
And if you want to expand your gambling business globally, you will need to offer multiple payment options for your customers. Online gambling websites need to have numerous payment methods. Because this will improve their market expansion enabling them to deliver their payment processing services to various countries.
In this blog, we have covered some of the basic things that will help you out when exploring payment processing solutions. Because it is essential to understand everything about gambling payment gateway before finalizing one. Moving ahead, let us discuss some of the primary benefits of acquiring gambling payment gateway solutions.
Benefits of an online gambling payment gateway
Integrating an online gambling payment gateway into your gambling website offers multiple benefits to your business. These comprise:
- Real-Time Payment Processing
Running an online gambling business with an online casino merchant account, you can be able to process online payments performed via global customers in real-time. This also implies that when a possibility or a suggestion will be delivered. Then the payment will be processed automatically and entrusted to the account of the customer. It can also allow you to drive higher revenues than ever.
- Multi-currency Transactions
Your preferred casino payment gateway platform also needs to deliver the option of multi-currency transactions across the globe. So, you can allure online gamers around the world and also be able to process online payments in Euros, US dollars, Singapore dollars, British Pounds, and many more. The primary benefit you will get with multi-currency payments is that your global customers can pay in their native currency.
- Compatible With Your Preferred Online Games
You will get an expansive payment processing choice for your preferred online games on your website is highly compatible with the gambling payment gateway. And these online games comprise poker, bingo, roulette, blackjack, online slots, etc.
- Solutions for High-Risk Factors
Most merchant service providers mark the gambling industry as high-risk. Then you just need to select an amazing payment processing solution for high-risk credit card processing. High-risk merchant expert’ accounts are available with global acquiring banks that are ready to function with merchants who are reliable & hard-working. Also with profitable advantages like the processing of high-tickets, and payment processing volume bars. And you will also get the benefits of the potential tax, your global account can support you in the evolution of your business revenues right away.
- Fraud Prevention & Chargeback Control
Functioning in the gambling industry brings increased chances of fraudulent activities and excessive chargeback volume. So, it is essential to get fraud prevention and chargeback control tools for your online casino website. And a gambling payment gateway is a suitable solution for these promising features.
- 24*7 Customer Support
Acquiring a payment processing platform without customer support can make your payment processing complicated. You will require dedicated customer support with your payment gateway platform. And it can also help you to fix all your payment-related problems instantly with great assistance.
Why Choose WebPays?
We pride ourselves on making your business's payment processing part more convenient and facilitating the growth of your gambling business across the world. We have been delivering our payment gateway services for many years. And we have also supported numerous businesses in achieving their business goals. You can check our testimonials and reviews from our global customers. Furthermore, WebPays will be glad in performing its part in supporting your businesses and delivering the best payment processing solutions to your customers. So, if you are curious about getting more information about us. You can submit your merchant account application on our website by clicking here. You can get the best gambling payment gateway Singapore for your online gambling website.